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USDCAD hits fresh lows after breaking below 1.4003

The pair's intraday low at 1.3993 came as the move broke below July 17 and July 20 swing levels, while staying above a nearby 38.2% retracement zone near 1.3981.

Reported · Written up by our desk · Major Pairs

Forexlive reports USDCAD extended its decline to a fresh low for the day, with the lowest level since June 17 at 1.3993.

The move took the pair below the July 17 and July 20 swing lows at 1.4003, following a failed rebound that stalled in the 1.4130 to 1.4148 area.

The outlet said the latest leg lower started after a corrective rebound from the June 20 low stalled, and that sellers gained control after the pair broke below both the 100- and 200-hour moving averages yesterday.

Even with the break under 1.4000, USDCAD was still above the 38.2% retracement of the rally from 1.35508 to 1.42473, which comes near 1.3981, and the next technical focus is whether price can hold that level.

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